Arenas inks multi-million dollar extension with Wizards

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WASHINGTON, (AFP) - Washington Wizards guard Gilbert Arenas agreed to a six-year, 111 million dollar contract on Thursday, according to the Washington Times.

The deal, which will keep the star guard with the Wizards until 2014, cannot become official until a league moratorium concludes July 9.

Arenas opted out of the final year of his contract earlier this offseason and was offered a six-year, 127 million dollar deal Tuesday - the first day of free agency.

According to the Times, Arenas took less money because he did not want to be a burden on the team's salary cap.